Renting your home

NetApp FEFq00
Jul 10 20 Comments

Any idea how to rent your home in Bay Area?
We bought a home recently but the commute is killing us. So planning to rent out the place and move to a closer location.
How does this work?

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TOP 20 Comments
  • Google Mr. Glass
    If rent covers your mortgage + taxes, do it. Otherwise stay for a while if you can
    Jul 10 4
    • NetApp FEFq00
      OP
      It doesn’t break even. But shorter commute will improve the quality of our life a lot. Or at least that is what my spouse says.
      Jul 10
    • Oracle pzd
      Your spouse is right about the commute. A nice short commute can drastically improve mental health. If that gives you more time to workout, it can improve your physical health too.
      Jul 10
    • Facebook / Mgmt
      bitbngr

      Facebook Mgmt

      PRE
      Apple, Google
      bitbngrmore
      Make sure you have a flexible Owner Occupied Mortgage Clause and you let you lender know about this to avoid being guilty of Mortgage Fraud
      Jul 10
    • LinkedIn Wiener
      No need to notify your lender. Most owner occupied mortgages only require you to live in it for one year.
      Jul 10
  • New / Product XVrn30
    I recommend using a realtor or service. I own many properties. Don't underestimate cost of a bad tenant.
    Jul 10 0
  • Facebook public2
    Post it for rent. Hold an open house for 4 hours on Saturday. Collect applications. Pick a tenant. Send then a lease and means to collect rent such as bill pay or cozy. Make sure your mortgage allows you to rent (there are often 1 or 2 year minimums) and consider incorporating it. Make sure your rent covers all payments plus maintenance. That's mostly it...
    Jul 10 6
    • Facebook public2
      Didn't know what I was doing when I started and this was before the internet. It's super easy. Get a great agent for help.
      Jul 11
    • Intel Benzy
      Well, I think we agree using an agent/ property manager to rent the place is a smart thing to do. It's well worth the $ you'll pay to find a good tenant and have a solid lease. It only takes one tenant to turn your rental into a nightmare.
      Jul 11
    • Facebook public2
      No, strongly against property manager. Complete waste of time and money these days especially. You can easily outsource tenant background checks and collecting payment does not require a 10% fee lol.
      Jul 11
    • Intel Benzy
      I found it was worth it to have an agent vette the tenants, write up the lease and handle the move in. I take over after that.
      Jul 11
    • Facebook public2
      Ok so agree that property manager is not needed or a good value lol
      Jul 11
  • Google vkg38472
    Do not for the love of god rent it to a bunch of new grads. My last tenant trashed the house and needed to have floors replaced since they had set up beer pong on my hardwood floors.
    Jul 10 5
    • Facebook public2
      How did they pass your credit and background check?
      Jul 10
    • Google vkg38472
      You can have good credit and background but like to party. I figured they would be like most software engineers at fb and google
      Jul 10
    • Facebook public2
      You can but when you call the past landlords and ask if they left the house in good condition it is unlikely they were perfect and then only trashed your house...
      Jul 10
    • Google vkg38472
      Apologies, new grads who just moved here and only one had renting history. Other lived at home or university housing in other parts of country are hard to get a hold of. 🙁
      Jul 10
    • Facebook public2
      Oh, ya now you know to fail those applicants.
      Jul 10
  • Intel Benzy
    Unless you know the ins and outs of renting a place, get a property manger to handle it. People are lawsuit crazy and if you don't have a proper lease/rental agreement with all the required disclosures, you're leaving yourself open for a lot of headaches. They will also find a tenant and do all the vetting, advise on how much rent, deposits, etc...
    Jul 10 0

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